How Philippines compares with ASEAN neighbors during oil shocksAnalysts say the Philippines’ heavy reliance on imported fuel and limited refining capacity leave it more exposed than Southeast Asian peers to global oil price spikes. MANILA, Philippines — The Philippines faces global oil shocks such as due to the recent conflict between US-Israel and Iran with fewer buffers than many of its Southeast Asian peers. While ASEAN countries are not immune to oil shocks, many have stronger buffers—whether through domestic supply, infrastructure, or energy mix. Economy Main buffer during oil shocks Main vulnerability / limit Philippines Very limited indigenous oil and gas, thin refining base, and heavy reliance on imported fuel. Still faces price pressure and subsidy costs when global oil price surges.

Source: Philippine Star April 12, 2026 01:45 UTC